Kim Bu-gyeom: "Bringing Virtual Currency into the System Is Not Easy"

Prime Minister nominee Kim Boo-kyum is arriving on the morning of the 27th at the Financial Supervisory Service Training Institute in Tongui-dong, Jongno-gu, Seoul, where the hearing preparation office has been set up. 2021.4.27
Photo by Yonhap News

[Sejong=Asia Economy Reporter Son Sun-hee] Kim Boo-kyum, the nominee for Prime Minister, stated on the 27th, "Bringing virtual currency (virtual assets) into the institutional framework is not easy," adding, "There is no country in the world yet that treats virtual currency like traditional currency or financial products."

On the morning of the same day, Kim made these remarks to reporters on his way to the Financial Supervisory Service Training Institute in Jongno-gu, Seoul, in response to questions about the "institutionalization of virtual currency." However, he added, "It is problematic to leave (virtual currency) trading in a zone of illegality or loopholes," and "Therefore, we plan to normalize (virtual currency) exchanges to some extent by September."

Kim pointed out, "We will require a considerable degree of strict qualifications and transparency for (virtual currency trading)," emphasizing, "If basic measures such as ensuring deposits and withdrawals can only be made through bank accounts are not in place, it could potentially create many victims."

Regarding the taxation being implemented before the establishment of protective measures for virtual currency investors, which has met strong resistance especially among the younger generation in their 20s and 30s, Kim stressed, "That does not mean the government can just leave this issue unattended," and "We will prepare to ensure a certain level of transparency."

Meanwhile, on the issue of the "comprehensive real estate tax relief" raised by the ruling party and political circles, Kim maintained a cautious stance. He said, "Real estate policy should not be viewed by isolating (tax policy) alone," adding, "There should be some form of consideration for long-term holders of one household and one house, and whether it places too much burden on many citizens should be considered together with real estate policy."

This was interpreted as a somewhat softened position compared to Kim's previous statements emphasizing the "principle" regarding the comprehensive real estate tax. However, Kim reiterated, "The biggest principle is to resolve this situation where real estate is causing suffering in people's lives," and "There are various aspects such as tax systems and supply policies, so it is cautious to speak easily about just one."

This content was produced with the assistance of AI translation services.